NewsletterWill Bitcoin’s (BTC) Price Hit $100K In 2024? Data Suggests So
In Bitcoin’s 13 years of existence, the crypto king has seen its price grow from a few pennies to almost breaking the $70K ceiling at its peak. Even though the world’s first cryptocurrency is only worth about $16,800 today, historical data suggests Bitcoin’s (BTC) price could very well surpass its old all-time high and even hit the $100K milestone.
Bitcoin’s Halving Event
According to data, crypto analysts anticipate the price to reach $100K in around March of 2024, which is close to the Bitcoin Halving event. Bitcoin’s next halving event is scheduled for block number 840K which happens to be during the spring of 2024. The block reward will supposedly be reduced from 6,25 per block to 3,125 after the next halving.
The uniqueness of Bitcoin lies in its code. The coding behind the largest cryptocurrency by market cap is designed to ensure that the rate of supply expansion slows down over time. And it’s these in-built halving events that have lent an impact on the price of Bitcoin previously.
Read More: Will The Slow Down In BTC Mining Hamper Bitcoin’s Short Term Price?
Because the source code is publicly available, simple calculations determine that the reward for a Bitcoin block is halved every 210,000 blocks, which is equivalent to around once in every four years.
When looking at historical information, we can see that the spot price of bitcoin has climbed by 1,263% between the 2016 and 2020 halvings. If the current trends continue as they are, the price of bitcoin will reach $120,263 on the 23rd of March in 2024.
Other Macro Indicators
Raoul Pal, a former executive of Goldman Sachs and a big Bitcoin proponent — in the most recent issue of his newsletter, reviewed the current situation of the macro market, expressing a cautiously optimistic outlook on its future.
According to Pal’s estimations, the Federal Reserve of the United States is moving away from its hawkish (QT) monetary policy and moving towards a more dovish one (QE).
Raoul Pal believes that there is a strong correlation between the spot price of Bitcoin and the M2 Monetary Aggregate (i.e. money supply). All high-beta assets, including Bitcoin, will most likely increase in value with the reintroduction of quantitative easing (QE).
Also Read: Popular Analysts Predict Bitcoin and Ethereum Prices For Christmas
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bipartisan Crypto Bill Talks Progress Even as Markup Is Delayed Until Next Year
- Bitcoin, Ethereum, and Solana to Hit New Highs in 2026, Predicts Crypto ETF Issuer Bitwise
- Fed’s Chris Waller Says Labor Market Is ‘Very Soft,’ Signaling Support for More Rate Cuts
- DeepSnitchAI Raising funds to Build AI Intelligence for Investors
- LINK Vs. XRP: Crypto Founder Lark Davis Reveals Who Will Win in the Next Decade
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
- DOGE Whales Add 138M Coins in 24 Hours: Will Dogecoin Price Rebound Above $0.15?
- Ethereum Price Outlook Hinges on Whale Moves: Dump Below $2,800 or Reclaim Above $3K Next?
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
